You say this and then you describe a dress code that’s very male-oriented and kind of stupid.
Ripped jeans have been in and out of fashion over the last decade. Colorful leggings are a thing that women wear, so your variant of “pajamas” may just be someone’s day wear. Saying that ties should limited to lawyers/bankers is just more pressing sexism because many female lawyers have never really worn ties.
If you have a dress code that involves “ties” or “pants” or “collared shirts” or a “nice pair of jeans”, your dress code (formal or informal) is already failed.
If you’re really serious about dress codes, have a simple, fair, gender-neutral code. “Business Casual” is not specific enough and can really be a huge quagmire for women in particular.